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The US House of Representatives has approved a bipartisan housing bill designed to increase the supply of affordable homes and improve access to housing finance, sending the legislation to President Donald Trump for final approval. The measure, which received strong support in both chambers of Congress, seeks to reduce barriers to housing development, streamline regulatory processes, and expand lending opportunities for lower-income buyers. Lawmakers from both parties have described the legislation as a rare example of bipartisan cooperation at a time when housing affordability remains a major concern for millions of Americans.
The US House of Representatives has passed a bipartisan housing bill aimed at accelerating the construction of affordable homes and expanding housing availability across the country. The legislation will now be sent to President Donald Trump, who is expected to sign it into law.
The bill received overwhelming support in Congress. It was approved by the Senate earlier this week with an 85-5 vote before being passed by the House by a margin of 358-32.
The legislation comes at a time when the United States continues to face a significant housing supply shortage. Housing industry groups have repeatedly pointed to a deficit of millions of affordable homes, a challenge that has intensified over the past several years due to elevated mortgage rates, rising property prices and disruptions in construction supply chains.
During the House debate, House Financial Services Committee Chairman French Hill said the country was dealing with a housing supply shortage that had developed over many years. He stated that the legislation would help remove unnecessary obstacles to new home construction while updating banking regulations that he believes have become outdated. According to Hill, these changes could improve access to mortgage financing for lower-income households.
Support for the measure extended across party lines. Democratic Representative Jim Himes described the bill as a remarkable achievement, highlighting the rarity of major bipartisan legislation moving successfully through a deeply divided Congress.
The bill has undergone extensive negotiations between House and Senate lawmakers over the past year. Several provisions were revised during the drafting process as legislators worked to build support from both Republicans and Democrats.
Among its key provisions, the legislation seeks to speed up or waive certain environmental review requirements for residential construction projects. Supporters argue that reducing lengthy approval processes could help bring new housing supply to the market more quickly.
Another notable provision places limits on the number of already-built single-family homes that large Wall Street investment firms can own. The measure is intended to address concerns that institutional investors have increased competition for housing in some markets, making homeownership more difficult for individual buyers.
The legislation also arrives as housing affordability remains a major issue for American households. Public opinion surveys released recently indicate that a majority of consumers now prefer purchasing a home rather than renting or living with family members, marking the first time since 2023 that homebuying has become the preferred option among respondents.
Housing costs have become increasingly important in broader discussions around the cost of living. Rising inflation, elevated borrowing costs and continued pressure on home prices have remained key concerns for voters ahead of the upcoming congressional elections. The passage of the bill gives lawmakers from both parties an opportunity to highlight efforts aimed at addressing one of the country's most persistent economic challenges.
Source Reuters
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